Published 5 June 2012 Crown Asset Management Ltd has acquired South Canterbury Finance Ltd’s remaining non-cash assets from the company’s receivers. They include the portfolio of remaining loans in the “bad bank” loan book, sundry equity investments and the remaining property investments. Crown Asset Management is the company the Government set up to manage the […]
South Canterbury
South Canterbury Finance charges include some relating to Crown guarantee, FMA also looking at civil recovery
Published 8 December 2011 The Serious Fraud Office has laid 21 charges against 5 individuals following its 14-month investigation into South Canterbury Finance Ltd. Financial Markets Authority chief executive Sean Hughes said yesterday the authority was also examining avenues to take civil proceedings to recover some of the money paid out to South Canterbury Finance […]
Background on South Canterbury’s admission to guarantee scheme
Published 28 October 2011 South Canterbury Finance was admitted to the Crown retail deposit guarantee scheme on 19 November 2008 and numerous comments have been made about the sense of allowing that to happen. To give some perspective, I’ve gone back to a ministerial statement Finance Minister Bill English made to Parliament on 8 September […]
South Canterbury Finance receivers pay Government $395 million
Published 28 October 2011 South Canterbury Finance Ltd’s receivers have repaid the Government $395 million this year, against $1.58 billion paid by the Government under its retail deposit guarantee scheme. The money handed over by the Government last year went immediately to investors in South Canterbury debt securities, who were paid in full. With some […]
Hubbard statutory managers unclear who owns $60 million of Aorangi assets
Published 4 July 2011 The statutory managers of Hubbard company Aorangi Securities Ltd said on Friday uncertainty around ownership of $60 million of assets made the timing of returns to investors unclear. In their seventh report to investors in Aorangi and Hubbard Management Funds, statutory managers Richard Simpson, Trevor Thornton & Carson McGlinn (Grant Thornton […]
Hubbard funds’ assets well short of investor statements, Aorangi report also out this week
Published 9 March 2011 The statutory managers of Hubbard Management Funds have told investors in their sixth report, out yesterday, they’re minding $31 million less in assets than the total on investors’ statements a year ago. For that reason, they said, they can’t distribute either the full amount of cash or the full volume of […]
